On January 25, 2023, Magna Mining Inc. closed the transaction. The company issued 8,236,914 charitable flow-through shares at an issue price of CAD 1.185 per charitable flow-through shares for the gross proceeds of CAD 14,950,000, 2,681,872 common shares at an issue price of CAD 1.10 for the gross proceeds of CAD 2,950,000. The company also sold an additional 45,400 common shares at an issue price of CAD 1.10 for the gross proceeds of CAD 49,400 in the transaction.

The transaction included participation from returning investor for 1,363,600 Common Shares at an issue price of CAD 1,499,960. Prior to the transaction, Dundee and its affiliates owned or controlled 32,199,918 common shares and 9,259,259 warrants, representing approximately 21.6% of the issued and outstanding common shares of the company. Subsequent to the Offering, Dundee and its affiliates own or control 33,563,518 common shares and 9,259,259 warrants, representing approximately 21.0% of the issued and outstanding common shares of the company immediately following the transaction.

The company has paid agents a cash fee of CAD 1,016,999.88 and 603,305 compensation warrants. Each compensation warrant entitles the holder thereof to one common share of the Corporation at a price of CAD 1.10 per common share until the close of business on the date which is 24 months from the closing date of the transaction. The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement.

The transaction included participation from 39 placees including existing insider involvement of one placee for 1,363,600 and pro group involvement of five groups for 352,214. The company issued securities pursuant to exemption provided under regulation D.